Section 60Part 9 — Termination and Winding Up
Winding up report
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An administrator of a pension plan that is to be wound up in whole or in part shall file a winding up report that sets out —
the assets and liabilities of the pension plan;
the benefits to be provided under the pension plan to members, former members and claimants;
the methods of allocating and distributing the assets of the pension plan and determining the priorities for payment of benefits; and
such other information as is prescribed.
No payment shall be made out of the pension fund related to the pension plan in respect of which notice of proposal to wind up has been given until the Director has approved the winding up report.
Subsection (2) does not apply —
to prevent continuation of payment of a pension or other benefit, the payment of which commenced before the giving of the notice of proposal to wind up the pension plan; or
to prevent any other payment that is prescribed or that is approved by the Director.
An administrator shall not make payment out of the pension fund except in accordance with the winding up report approved by the Director.
The Director may, by order, refuse to approve a winding up report that —
does not meet the requirements of this Act and regulations; or
does not protect the interests of the members and former members of the pension plan.
On the partial winding up of a pension plan, members, former members and claimants entitled to benefits under the pension plan shall have rights and benefits that are not less than the rights and benefits they would have on a full winding up of the pension plan on the commencement of the partial winding up.